Clearbridge Investments LLC Has $102.78 Million Holdings in Targa Resources Corp. (NYSE:TRGP)

Clearbridge Investments LLC lessened its stake in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 48.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 798,080 shares of the pipeline company's stock after selling 736,735 shares during the quarter. Clearbridge Investments LLC owned 0.36% of Targa Resources worth $102,777,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in TRGP. Vanguard Group Inc. increased its position in Targa Resources by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company's stock valued at $3,025,521,000 after acquiring an additional 201,817 shares during the period. Caxton Associates LP purchased a new position in shares of Targa Resources in the 2nd quarter worth $2,323,000. Price T Rowe Associates Inc. MD raised its position in shares of Targa Resources by 231.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,378,046 shares of the pipeline company's stock worth $119,712,000 after buying an additional 962,073 shares during the period. New Mexico Educational Retirement Board lifted its stake in shares of Targa Resources by 287.3% during the first quarter. New Mexico Educational Retirement Board now owns 45,700 shares of the pipeline company's stock worth $5,118,000 after purchasing an additional 33,900 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in shares of Targa Resources by 160.3% in the first quarter. BNP Paribas Financial Markets now owns 290,080 shares of the pipeline company's stock worth $32,486,000 after acquiring an additional 178,655 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company's stock.

Insider Transactions at Targa Resources

In related news, CAO Julie H. Boushka sold 1,213 shares of the business's stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total transaction of $160,140.26. Following the completion of the transaction, the chief accounting officer now owns 52,257 shares in the company, valued at approximately $6,898,969.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Targa Resources news, CAO Julie H. Boushka sold 1,213 shares of Targa Resources stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total value of $160,140.26. Following the completion of the sale, the chief accounting officer now directly owns 52,257 shares in the company, valued at $6,898,969.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Paul W. Chung sold 916 shares of the company's stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $136.35, for a total transaction of $124,896.60. Following the transaction, the director now directly owns 238,591 shares of the company's stock, valued at approximately $32,531,882.85. The disclosure for this sale can be found here. Insiders have sold a total of 175,534 shares of company stock worth $26,815,021 in the last three months. Company insiders own 1.39% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on TRGP shares. JPMorgan Chase & Co. upped their target price on Targa Resources from $140.00 to $145.00 and gave the company an "overweight" rating in a report on Tuesday, July 2nd. Barclays boosted their target price on shares of Targa Resources from $123.00 to $138.00 and gave the company an "overweight" rating in a research note on Wednesday, July 3rd. Scotiabank increased their target price on shares of Targa Resources from $128.00 to $142.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, July 17th. The Goldman Sachs Group upped their price target on shares of Targa Resources from $147.00 to $163.00 and gave the company a "buy" rating in a report on Thursday, September 19th. Finally, Truist Financial upped their target price on shares of Targa Resources from $125.00 to $150.00 and gave the company a "buy" rating in a research note on Monday, August 5th. One research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Targa Resources currently has a consensus rating of "Buy" and an average target price of $141.77.

Targa Resources Stock Up 1.5 %

NYSE TRGP traded up $2.26 during midday trading on Thursday, hitting $155.50. 1,026,092 shares of the company traded hands, compared to its average volume of 1,649,951. The company's 50-day simple moving average is $144.10 and its 200-day simple moving average is $128.23. Targa Resources Corp. has a 52 week low of $77.97 and a 52 week high of $157.68. The company has a market cap of $34.07 billion, a PE ratio of 32.00, a price-to-earnings-growth ratio of 1.16 and a beta of 2.26. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The company had revenue of $3.56 billion during the quarter, compared to analysts' expectations of $4.33 billion. During the same quarter in the prior year, the company earned $1.44 EPS. As a group, equities research analysts forecast that Targa Resources Corp. will post 5.88 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were issued a $0.75 dividend. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.93%. Targa Resources's dividend payout ratio (DPR) is 61.73%.

Targa Resources Company Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.